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<?xml version="1.0" encoding="UTF-8"?><BillSummaries> |
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<item congress="115" measure-type="s" measure-number="1020" measure-id="id115s1020" originChamber="SENATE" orig-publish-date="2017-05-03" update-date="2017-06-20"> |
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<title>Carried Interest Fairness Act of 2017</title> |
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<summary summary-id="id115s1020v00" currentChamber="SENATE" update-date="2017-06-20"> |
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<action-date>2017-05-03</action-date> |
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<action-desc>Introduced in Senate</action-desc> |
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<summary-text><![CDATA[<p><strong>Carried Interest Fairness Act of 201</strong><b>7</b></p> <p>This bill amends the Internal Revenue Code to: (1) set forth a special rule for the inclusion in gross income of partnership interests transferred in connection with the performance of services, (2) treat as ordinary income the net capital gain with respect to an investment services partnership interest except to the extent such gain is attributable to a partner's qualified capital interest, (3) exempt income from investment services partnership interests from treatment as qualifying income of a publicly traded partnership, (4) exempt certain family partnerships from the application of this bill; (5) increase the penalty for underpayments of tax resulting from failure to treat income from an investment services partnership interest as ordinary income, and (6) include income and loss from an investment services partnership interest for purposes of determining net earnings from self-employment and applicable self-employment taxes.</p> <p>The bill defines "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership about investing in, purchasing, or selling specified assets; (2) managing, acquiring, or disposing of specified assets; or (3) arranging financing with respect to acquiring specified assets.</p>]]></summary-text> |
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</summary> |
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<dc:format>text/xml</dc:format> |
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<dc:language>EN</dc:language> |
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<dc:rights>Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.</dc:rights> |
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<dc:contributor>Congressional Research Service, Library of Congress</dc:contributor> |
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<dc:description>This file contains bill summaries for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.</dc:description> |
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</BillSummaries> |
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